CROWFLIGHT MINERALS INC. Consolidated Interim Financial Statements June 30, 2002 (Unaudited)

Transcription

1 Consolidated Interim Financial Statements June 30,

2 Consolidated Balance Sheet June 30 Dec CURRENT ASSETS Sundry receivables 25,415 24,582 Advances to related corporation 0 80,678 Prepaid expenses , ,900 CAPITAL ASSETS 1,795 2,468 INTEREST IN MINERAL PROPERTIES 2,362,926 2,247,164 2,390,776 2,355,532 LIABILITIES CURRENT Bank overdraft Accounts payable and accrued liabilities 425, ,069 Advances from shareholder 34,490 5,789 Advances to related corporation 9,905 0 Loans payable 143, , , ,767 SHAREHOLDER'S EQUITY CAPITAL STOCK 13,686,782 13,686,782 DEFICIT (11,910,895) (11,846,017) 1,775,887 1,840,765 2,390,776 2,355,532 Prepared by management 2

3 Consolidated Statement of Operation and Deficit 3 months 3 months 6 months 6 months ended ended ended ended March 31 March 31 June.30 June EXPENSES Salaries and benefits 9,685 12,801 19,499 30,888 Office and General 6,152 12,843 15,096 17,682 Shareholders' expenses 3,554 3,234 15,780 11,456 Promotion 2,120 21,498 4,039 19,480 Professional fees 3,550 4,940 6,151 28,923 Interest and bank charges 4, , Amortization ,399 56,252 64, ,026 Net loss for the period (29,399) (56,252) (64,878) (116,026) Deficit, beginning of period (11,846,017) (11,424,146) (11,846,017) (11,424,146) Deficit, end of period (11,875,416) (11,480,398) (11,910,895) (11,540,172) Loss per share (0.0013) (0.0025) (0.0029) (0.0005) Prepared by management 3

4 Consolidated Statements of Cash Flows 3 months 3 months 6 months 6 months ended ended ended ended Mar.31 Mar.31 June 30 June CASH FLOWS FROM OPERATING ACTIVITIES: Net loss for the period (29,399) (56,252) (64,878) (116,026) Item not involving cash depreciation (29,062) (55,915) (64,205) (115,353) Changes in non-cash working capital balances Decrease (increase) in sundry receivables ,588 (833) 39,716 Increase(decrease) in accounts payable (2,934) (23,013) 38,703 96,951 Common shares issued for property 89, ,000 (Decrease) increase in advances from related party 35,763 (40,080) 90,583 1,762 Increase(decrease) in advance from shareholder 77,501 (60,200) 28,701 1, ,972 35, , ,229 Net cash flows (used in) operating activities 81,910 (20,620) 92, ,876 CASH FLOWS FROM FINANCING ACTIVITIES: Decrease in loans payable (27,000) 0 23,000 0 Common shares issued for cash , ,485 Net cash flows from financing activities (27,000) 80,000 23,000 29,485 CASH FLOWS FROM INVESTING ACTIVITIES: Interest in mineral properties (53,611) (305,667) (115,762) (467,993) (53,611) (305,667) (115,762) (467,993) Increase (decrease) in cash 1,299 (246,287) 187 (274,632) Cash, beginning of year (934) 276,430 (934) 276,430 Cash, end of period ,143 (747) 1,798 Prepared by management 4

5 , Notes to Consolidated Interim Financial Statement June 30, BASIS OF PRESENTATION The consolidated financial statements contained herein include the accounts of Crowflight Minerals Ireland Limited. The interim period consolidated financial statements have been prepared by the Company in accordance with Canadian generally accepted accounting principles. All financial summaries included are presented on a comparative and consistent basis showing the figures for the corresponding figures in the preceding year. The preparation of financial data is bases on accounting principles and practices consistent with those used in preparation of annual financial statements. Certain information and footnote disclosure normally included in consolidated financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted. These interim period statements should be read together with the audited consolidated financial statement and the accompanying notes included in the Company s latest annual report. In the opinion of the Company, its unaudited interim financial statements contain all adjustments necessary in order to present fair statement of the results of the interim periods presented. 2. NATURE OF OPERATIONS AND GOING CONCERN The company is in the business of acquiring and developing mineral properties. There has been no termination whether properties held contain ore reserves which are economically recoverable. The recoverability of valuations assigned to mineral properties is dependent upon the discovery of economically recoverable reserves, confirmation of the Company s interest in the mineral claims, the ability to obtain necessary financing to complete development, and upon future profitable production for proceeds from disposition. These consolidated financial statements have been prepared on a going concern basis. June 30 December Deficit (11,910,895) (11,846,017) Working Capital (deficiency) (588,834) (408,867) 3. CAPITAL ASSETS Cost Acc. Depr. Book Value June 30, 2002 December 31,001 Computer equipment 4,487 2,692 1,795 2, INTEREST IN MINERAL PROPERTIES West Africa 1 1 Sudbury, Ontario Canada 2,362,925 2,247,164 2,362,926 2,247,165 5

6 Notes to Consolidated Interim Financial Statement June 30, SHARE CAPITAL Authorized capital of the Company consists of 100 million common shares without par value, 100 million Class A preferred shares with par value of $10, and 100 million Class B preferred share with par value of $50. Issued # of Shares Amount Balance as at June 30, 2002 and December 31, ,608,283 13,686,782 6